Citing China's Finance Minister Liu Kun, the 21st Century Herald reported on Monday, the country “will intensify efforts to implement a strong fiscal policy and efficient taxation system this year to stabilize the economy.”

Liu said, “the global economic situation was not optimistic, and China's economy faces challenges.“

“Support for small and medium-sized enterprises, self-employed businesses, and disadvantaged industries will be a key focus this year,” he added.

Separately, China’s National Bureau of Statistics (NBS) reported that profits at industrial firms in China declined 22.9% in the first two months of 2023 from the year before.

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